Hyden, Miron & Foster, PLLC Law Blog

Many young adults believe they do not need to meet with an Arkansas estate planning attorney because they are too young, do not have sufficient assets, or they simply do not want to deal with issues related to death or incapacitation. However, when a child turns 18 years old, they are no longer a minor. They now have certain privacy rights that a parent cannot violate. Unfortunately, these privacy rights could prevent a parent from caring for or assisting a child once the child is no longer a minor.

How might the new tax law influence your estate planning decisions?

The Tax Cuts and Jobs Act, signed into law in December of 2017, is anticipated to have far-reaching tax consequences. One overlooked field that will certainly be impacted is that of estate planning. Tax reform will bring about direct changes to the estate tax exemption, while also have indirect consequences on how you can best plan for the transfer of your assets to the next generation.Read more . . .

Estate plans serve two major purposes: to prepare you and your loved ones for potential incapacity and certain death. Depending upon your individual purpose for creating an estate plan, you can choose different elements. That is why it is so important to understand these two main purposes of having an estate plan.

Incapacity

Under the law, an individual is considered to be incapacitated if he or she is not able to understand the nature and potential results of a legal proceeding. An individual can be both mentally incapacitated, as well as physically incapacitated.

In estate planning, incapacity means that an individual is unable to control or make decisions for his or her own affairs. If an individual does not have an estate plan that accounts for potential incapacitation, he or she may be appointed a court-supervised guardian or conservator.

How much money will I need to set aside to retire?

A recent study by Northwestern Mutual suggests that few Americans feel prepared for retirement. Northwestern Mutual’s 2018 Planning & Progress Study reveals that an alarming 21 percent of those surveyed have no savings for retirement, while an additional ten percent have just $5,000 saved for the future. Over 78 percent of Americans state that they are extremely or at least somewhat concerned about not having sufficient funds for retirement. Our Arkansas retirement plan attorneys want you to be ready for retirement when the time comes. We explore some vital steps you should take to plan for your retirement below.

What will happen to Franklin’s estate?

Aretha Franklin, the legendary Queen of Soul, recently passed away at the age of 76. Franklin, who rose to fame and fortune in the late 1960’s, left behind an estate with an estimated value of $80 million. While the size of her estate is no surprise given her fame, what shocked many is that she did not have a will or trust in place. Without a will to guide the distribution of her assets, her assets will be forced to go through probate and be divided per state law. Our Arkansas estate planning lawyers discuss what will become of Franklin’s estate and how you can use estate planning to avoid probate.

The Fate of Franklin’s Estate

Aretha Franklin’s $80 million estate will need to go through probate in her home state of Michigan because she died without a will or trust in place. Without any instructions as to her last wishes, the court will be required to distribute her assets in accordance with the law in her home state. Her family will need to make decisions as to a funeral and burial because they do not have guidance on the matter.

If you’ve ever received a notice from the IRS telling you that you owe more money, you know that sinking feeling in the pit of your stomach. You know the questions you start asking yourself -- How many more overtime hours will this take to pay off? How will I pay for my child’s college tuition? And more. While being under IRS scrutiny is never a comfortable thing, you may be able to take comfort in the IRS Offer in Compromise program, which provides relief to indebted taxpayers. It’s not as simple as filling out a form, so talking with an experienced offer in compromise lawyer is a good idea if you want to reduce your tax debt.

Reduce Your Tax Debt – As Seen on TV

Many purported “tax relief” companies tout the offer in compromise as a new, limited time gimmick. The truth is, the offer in compromise has been around for decades. Be careful when dealing with debt relief companies that advertise on late-night television. They like to promise big results quickly. Unfortunately, some of the less-scrupulous companies will do nothing but relieve you of your hard-earned money overnight.

If you receive notice of an audit by the Internal Revenue Service (IRS), stay calm, but do not ignore the notice. An audit notice does not necessarily mean that you have done anything wrong. But, you should also make sure that you understand your legal rights and responsibilities by speaking with an..

If you have a special needs family member, it is essential that you take steps to provide for your loved one while you are still able to do so. You need to have a plan in place that ensures the smooth transition of care for your loved one if you are no longer able to provide that care. In addition, you also need to ensure that your loved one has the financial means to provide for his or her care and needs.

The “Queen of Soul” passed away last month of pancreatic cancer at the age of 76. Aretha Franklin, a pioneer in the music industry, demanded to be paid in cash before performances. Despite knowing of her terminal illness, she did not plan ahead and leave a..

Why is it important for young people to have an estate plan?

Millennials, or those born between the years of 1981 and 1996, are now busy building careers and starting families of their own. Today’s Millennials watched the nation take a hit during the 2007 recession. For many Millennials, this defining event has created an air of caution when it comes to finances and investing. Wise Millennials understand that developing an...

Retirement accounts are extremely popular vehicles for saving for retirement. However, the government does not allow you to leave your tax-deferred dollars in an Individual Retirement Account (IRA) indefinitely. While it is not a problem for some individuals, some retirees would prefer to leave the money in the account if they have sufficient income. Mandatory withdrawals from an IRA could result in an income tax debt.